I think I can. I believe we can easily spot most of the literary devices in the Bible by determining which descriptions are meant not to be taken literally base on context. If we know more about the idioms and means of expression that were commonly used by Biblical authors, we should be able to identify almost every such instance.
Of course, there will be some things that cannot be clearly classify, and we may never know the scope of exaggeration present in some of those descriptions that we correctly identify as not literal. But those things we cannot identify are likely only a tiny portion of the entire text.